Bank Pictet & Cie Europe AG Boosts Stake in AbbVie Inc. (NYSE:ABBV)

Bank Pictet & Cie Europe AG grew its stake in AbbVie Inc. (NYSE:ABBV) by 5.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 206,571 shares of the company’s stock after acquiring an additional 9,990 shares during the quarter. AbbVie comprises about 1.0% of Bank Pictet & Cie Europe AG’s portfolio, making the stock its 28th biggest position. Bank Pictet & Cie Europe AG’s holdings in AbbVie were worth $40,794,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Lecap Asset Management Ltd. bought a new position in AbbVie in the third quarter worth about $1,186,000. Weaver Capital Management LLC grew its position in shares of AbbVie by 55.1% in the 3rd quarter. Weaver Capital Management LLC now owns 5,612 shares of the company’s stock worth $1,108,000 after buying an additional 1,993 shares during the last quarter. Community Trust & Investment Co. raised its stake in shares of AbbVie by 10.0% during the 3rd quarter. Community Trust & Investment Co. now owns 20,318 shares of the company’s stock worth $4,012,000 after acquiring an additional 1,840 shares in the last quarter. BLB&B Advisors LLC raised its stake in shares of AbbVie by 2.7% during the 3rd quarter. BLB&B Advisors LLC now owns 89,853 shares of the company’s stock worth $17,744,000 after acquiring an additional 2,365 shares in the last quarter. Finally, Tempus Wealth Planning LLC lifted its position in AbbVie by 5.3% during the third quarter. Tempus Wealth Planning LLC now owns 3,018 shares of the company’s stock valued at $596,000 after acquiring an additional 151 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Up 1.2 %

AbbVie stock opened at $188.78 on Wednesday. The business’s 50-day moving average price is $194.32 and its 200 day moving average price is $178.01. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The firm has a market cap of $333.36 billion, a price-to-earnings ratio of 56.02, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter last year, the company earned $2.91 EPS. The business’s revenue was up 4.3% on a year-over-year basis. As a group, sell-side analysts anticipate that AbbVie Inc. will post 10.85 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is currently 183.98%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ABBV shares. UBS Group upped their price target on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Bank of America increased their price target on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Sanford C. Bernstein assumed coverage on AbbVie in a research note on Thursday, October 17th. They set a “market perform” rating and a $203.00 price target on the stock. Wells Fargo & Company upped their price objective on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, BMO Capital Markets increased their price objective on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $198.47.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.25% of the company’s stock.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.